Investor’s Guide to Mongolia: NBFIs
Key contents:
- Sector growth trajectory: NBFI expansion from 188 institutions in 2011 to 575 by end-2025, loan book growth at 38% CAGR versus 21% for banks, and NBFI assets reaching 14.16% of banking sector assets
- Asset quality and risk: the 2024 NPL crossover with banks, why NPLs rose (rapid growth, fintech disbursement, higher-risk borrower segments), and loan concentration data showing the top 57 NBFIs hold 74.1% of sector loans at below-average NPL ratios
- Regulatory landscape: the 2025–2026 FRC and BoM measures, including the domestic funding prohibition, 60% consumer DTI cap, 60% auto loan LTV cap, and 20% minimum capital adequacy ratio
- Key player profiles: Invescore (MSE:INV) and LendMN (MSE:LEND), covering shareholder structures, financial performance, and 2025–2026 international funding rounds from IFC, FMO, Lendable, Triple Jump, Helicap, and others
- Investment access: routes into the sector via listed shares and bonds on domestic and international exchanges, direct private debt, and strategic equity or M&A participation
